The mortgage process in general has a lot of moving parts and people involved regardless of what type of loan you do. Lender, Realtors, Surveyor, Home Inspector, Appraiser, Title Agent, Insurance company…. the list goes one. Each of these parties can add time to the process. But assuming everyone is doing their job as needed, your VA loan should be easily in 30 days in Florida. However, as mentioned above, several different people are involved in the process and it’s important to have a solid lender or bank that can manage all the steps involved. The first suggestion to insure you have a smooth VA closing is deal with a local lender. If you looking to do a VA loan in Florida, be sure to deal with a Florida based mortgage company, not someone in a call center in Texas. A local Florida based lender will have greater knowledge and understand the “twists and turns” to closing a loan in FL.
Most common factors that affect how quickly you close a VA loan:
How quickly you respond to your lender or brokers requests. Yes, you the borrower actually have a lot to do with the process and how quickly you close. Once you lock your interest rate in (generally 30-60 days to give enough time to process the loan), the process starts. Your lender should get the disclosures send to you within a few times. Most the time this process is electronic, done through email, etc. At that point it is your job to gather the information needed by the lender to process your loan and send it in along with the signed authorization documentation. The longer this takes, the more files other customers are turning in get in front of you. So you definitely want to get a quick start and be in front of the line.
VA Appraisal response times:
VA gives appraisers a specific time frame to complete their appraisals. This VA appraisal delivery time is based on the state where the property located. In most states, the appraiser is given 10 business days and it’s not uncommon for the appraisers to take the entire 10 days. If the home is located in rural area of Florida, the appraiser may need additional time to gather the necessary information to complete the appraisal.
Water Testing and Property Repairs:
Often times, through the home inspection or as requested by the appraiser, the property requires repairs to bring it to your standards or the standards of VA. The level of repair can severely impact the loan process. How quickly these repairs are completed and if they are required by the appraiser or not could determine how quickly you close as well. If it’s required by the appraiser, it will have to be confirmed by the appraiser, which means an additional trip and amended report by the appraiser. If the home is not on public water, a water test will be required to assure it meets the local Health Authority’s standards. This process can take a couple days or a couple weeks. If you’re buying a home that does not have public water, you should have a water test immediately to assure it does not slow the process down at all.
You can help determine how long it takes to close a VA loan:
All in all, this may seem like a long list of factors that can slow the process down. Keep in mind, as long as your file is moving along, most of these items can happen at the same time. More importantly, planning ahead, and working with a bank or lender like us that has quick turn times will all speed up the time it takes to close your VA loan.
Questions about the VA mortgage process here in Florida? Reach out to us by calling ph: 800-743-7556 or visit www.vamortgagehub.com
You can also read more about the VA closing process here.
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VA Mortgage Closing Times Florida